Commission Decision No. 19-M-027-2017
Acquisition by Phoenix Petroleum Philippines Inc. of Shares
in Petronas Energy Philippines Inc. and Duta Inc.
ABSTRACT:
P-H-O-E-N-I-X Petroleum Philippines, Inc. (“Phoenix”), is a corporation registered in the Philippines that is currently engaged in (i) trading of refined petroleum products [except liquified petroleum gas (“LPG”)] and lubricants to retail and commercial channels, (ii) the operation of oil depots, storage and transport services, and (iii) integrated logistics services, including hauling and into-plane services of Jet-A1 fuels to airports and airlines and refueling of aircraft in key cities.
Phoenix proposes to acquire one hundred percent of the issued and outstanding capital stock of Petronas Energy Philippines, Inc. (“PEPI”) and Duta, Inc. (“Duta”). PEPI is a Philippine registered corporation that is engaged in the business of buying, selling, storing, distributing, and marketing of LPG in Luzon, Visayas, and Mindanao. While Duta is a Philippine holding company that owns various properties used in the operations of PEPI.